The real estate market is slowly experiencing a crypto makeover. Properties are being listed for Bitcoin and Ethereum, among other cryptocurrencies. But the most innovative ideas that are set to disrupt the real estate market are not about payment options for rent or mortgage.
Meridio – Ownership on the Blockchain
Brooklyn-based Meridio (formerly Pangea) is initiating an experiment that could upend the real estate market in New York, changing the rules of play, the players and wealth distribution. New York has notoriously high rents and expensive real estate, pushing Millennials to other cities altogether or into New York closets-turned-bedrooms. Meridio is trying to redesign the market by introducing blockchain to manage and store the paperwork required for a real estate purchase and transferable digital tokens that represent ownership. The model will allow separate parties to share ownership of a single property. Transfer of ownership will be managed by smart contracts on the Ethereum network.
Meridio is testing the idea on a single property in Brooklyn located at 304 Troutman Street. Built in 1931,